Everything about SBF’s “media apology tour” and the importance of the coming week

  • SBF wants to start a new venture to pay back investor money
  • A source claims that SBF lied about not knowing about Alameda’s use of cash

The founder and former CEO of insolvent cryptocurrency exchange FTX expressed his interest in starting a new business to recoup the money he owes his customers. For questions under a BBC interview dated 10 DecemberSam-Bankman Fried stated that he would start a new business to pay back FTX users.

The former CEO opined,

“I would give anything to be able to do that. And I’ll try if I can. I’m going to think about how we can help the world, and if the users haven’t gotten much back, I’m going to think about what I can do for them. At the very least, I believe I have a duty to FTX users to do them justice as best I can.”

According to the bankruptcy proceedings, as of November 14, Bankman-Fried had “more than 1 million creditors”. The amount that FTX may have lost was between $10 billion and $50 billion.

SBF and his views on the FTX debacle

During his media apology tour, Bankman-Fried reiterated earlier statements that he “did not intentionally engage in fraud. Furthermore, the former CEO did not believe he was being dishonest. In addition, Bankman-Fried acknowledged that he was not nearly as capable as he thought he was.

As of December 12, the 30-year-old is subject to a number of federal inquiries. These include SBF itself, the bankrupt stock exchange FTX, and Alameda Research and around the mishandling of consumer deposits. Alameda’s investment portfolio also generated various inquiries about the whereabouts and motivations for everything that happened.

When asked about a possible prison sentence, SBF admitted to “ruminating at night” about it, but seemed unconcerned at all. Furthermore, at this time, no details of new business attempts have been made public.

In addition, recent appearances in several media outlets happen to be various interviews. Furthermore, SBF’s name was now formal including as a witness for the hearing on 13 December, entitled “Investigation into the collapse of FTX, Part I”. The second witness was none other than John Ray. Remember that John Ray is the new CEO of FTX, which had previously been added as of December 9th.

A former FTX worker who spoke to the BBC also claimed that SBF had lied about knowing about Alameda’s use of cash. Bankman-Fried denied the accusation but acknowledged that as chief executive she bore ultimate responsibility for any financial mismanagement.

If SBF does not appear…

This week, the SBF has been asked to give evidence at two Senate hearings. However, US politicians claim that subpoenas are likely to be issued if he does not appear.

Sherrod Brown, the committee’s chairman, informed Bankman-Fried in a letter dated December 7 that he was ready “to issue a subpoena to compel your testimony.”

Bankman-Fried missed the deadline, according to a statement on December 9 from Brown and Sen. Pat Toomey, and the committee “will continue to work to get him to appear before Congress.”

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